Title
The Board of Water Commissioners for the City of Detroit Water and Sewerage Department authorizes the sale of certain real property owned by the Detroit Water and Sewerage Department to LG Development at a purchase price of One Million Five Hundred and 00/100 Dollars ($1,500,000.00), and also authorizes the Director to take such other action as may be necessary to accomplish the intent of this vote.
Body
Agenda of June 6, 2018
Item No. 18-0101
Amount: $1,500,000.00
TO: The Honorable
Board of Water Commissioners
City of Detroit, Michigan
FROM: Gary A. Brown, Director
Detroit Water and Sewerage Department
RE: Sale and Transfer of Property from Detroit Water and Sewerage Department to LG Development
MOTION
Upon recommendation of Debra N. Pospiech, General Counsel, the Board of Water Commissioners for the City of Detroit Water and Sewerage Department authorizes the Director to execute a deed for the transfer of 90 Stimson, Detroit, Michigan; 102 Stimson, Detroit; Michigan; and 114 Stimson, Detroit, Michigan owned by the Detroit Water and Sewerage Department to the LG Development for a purchase price of One Million Five Hundred and 00/100 Dollars ($1,500,000.00), and also authorizes the Director to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
In support of the development of the Midtown area, the LG Development group has requested that the City of Detroit Water and Sewerage Department transfer of property at 90 Stimson, Detroit, Michigan; 102 Stimson, Detroit, Michigan; and 114 Stimson, Detroit, Michigan, for purposes of constructing a theater building of approximately 40,000 square feet, with 8-10 screens and 900-1000 seats.
Four bidders submitted bids for the project, their respective bids were as follows:
Bidder
Bidding Offer
Thrive Hospitality/ SP Investment Group
$1.5 Million
LG Development Group
$1.3 Million
Mansour Companies
$1.5 Million
Sterling Construction/Tolbrook LLC
$1.5 Millio...
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